Collaborative process, collective progress 

Participants emphasised the value of seeing how other institutions approach impact integration and how these perspectives can strengthen the sector’s collective progress. The working group included representatives from PGGM, Achmea and ASR as well as NN.  

According to Leon van Riet, NN Group CEO Netherlands Life & Pensions, who was in the board of the working group: ‘This handbook shows the impact we can make when organisations come together with a shared purpose. By combining our experience with that of our peers, we help strengthen the financial sector’s ability to support real-world change. Collaborative initiatives like this reinforce our belief that long-term value is built not only through what we invest in, but through how we work together.’ 

NN Group’s role 

NN Group Responsible Investment Strategist Bruno Besek says the handbook is expected to be a living document, regularly updated and expanded upon. ‘We now have a source of practical examples for any investor that wants to integrate impact into investment process. By sharing our methods openly, we aim to support greater transparency and accelerate progress for all,’ he says. For NN Group, involvement in this initiative builds on our commitment to responsible investing and contributing to a more sustainable economy. ‘This handbook shows that integrating impact can start at any step in the investment process, connecting what we invest in with the health of the systems our portfolios depend on,’ says Bruno. 

The handbook is now available via the DNB website: New handbook helps investors integrate impact into their decisions | De Nederlandsche Bank. 

More details on NN Group’s investment principles and approach to responsible investment can be found here: NN Group - Responsible investment

From spend-based to supplier-specific emissions reporting 

We currently use a spend-based method to report on purchased goods and services emissions. However, in future we aim to use supplier-specific emissions, so we can more effectively monitor individual business partners’ emission reduction progress. A number of our suppliers are, or will be, subject to the Corporate Sustainability Reporting Directive (CSRD) or voluntarily disclose their sustainability data. We will start gathering actual GHG emissions data from those suppliers who are ready to provide them.  

Responsible Procurement and Supplier Engagement  

In 2024, we developed a responsible procurement approach to support reducing emissions related to purchased goods and services. We started with implementation for the Dutch business units and staff departments and will roll out to our international business units in 2025 and 2026. One key element of this approach is our Supplier ESG Engagement Programme, also launched in 2024. As we rely on our suppliers to help us reduce the emissions associated with the products and services we purchase, monitoring their climate ambition and net-zero progress, especially when the impact is material, is vital. 

Following our suppliers’ net-zero journey 

The programme helps us assess and score where suppliers are on their net-zero journey and looks at targets, transition plans and emissions reporting. We aim to engage at least 35% of the NN Group supplier base (based on spend) by the end of 2025. We engage with existing suppliers who do not meet our standards to encourage them to increase their efforts to achieve net zero. For new suppliers, at the moment of contracting, we may suggest improvement plans such as measuring and reporting emissions and setting a net-zero target. Progress on these improvement items will then be evaluated when contracts come up for renewal. 

Contributing to change in the real economy 

Although restricting our business relationships to only low carbon emitting suppliers would result in a swifter decarbonisation of our own supply chain, this does not help reach net zero in the real economy. We prefer to engage rather than terminate contracts and work together with high emitters on decarbonisation to help contribute to change. That said, we still develop clear minimum requirements and timelines and may decide to not extend contracts if there is not sufficient progress.  

You can read more about our climate activities and ambitions for all areas of our business in our latest Climate Action Plan and on our website.  

NN Non-life’s Sustainable Repair Policy defines the scope and objectives of sustainable repair, as well as identifying the related material impacts, risks and opportunities. Michel van Leuven, Project Lead Sustainable Repair: ‘We aim to bring sustainable repair to the doorstep of our customers and to continue to increase the percentage of retail property repairs carried out by our sustainable repair network. In this way we can make a real-world impact, both on the lives of our customers and on the circular economy.’

Sustainable repair network

We aim to further develop our sustainable repair network in the Netherlands and upgrade the quality of the circular techniques it uses. The aim is to not only support the reduction of waste through the repair and reuse of products but also to promote the use of renewable resources and sustainable practices. We also want to include additional sustainable measurements such as CO₂ avoidance, and metrics related to the different stages of the circular economy once we have access to relevant data and calculation methods. In 2024, for example, we engaged the Impact Institute to conduct a life-cycle assessment for countertops and kitchen cabinets, comparing repair with replacement. These types of studies provide valuable input for how we implement our strategy.

Spot repair and electronics recovery

Spot repair is one approach we have adopted in our repair and recovery process. It is often associated with vehicle repair but can also be used for property. It basically means carrying out the repair where the damage occurs. We regard it as a key activity, contributing to CO₂ avoidance. We also collaborate with companies that repair electronic devices to avoid replacement where possible. These partners form part of our sustainable repair network. Our guiding principle is that if damage to a mobile electronic device cannot be repaired, the client is offered a refurbished device. If the client does not want this, they can opt for a cash settlement.

Making sustainable repair the norm

Our sustainable repair network is accessible to all business lines and used most actively across our retail portfolio. We are also investing in internal and external communication to raise awareness about the network among colleagues and customers and to encourage them to use it. And as our claims process becomes increasingly digital in nature, sustainable repair is also becoming the standard in our Straight Through Processing (STP) claim handling.

You can read more about our climate activities and ambitions for all areas of our business in our latest Climate Action Plan and on our website. 

Social impact is the main driver of NN Group’s community investment programme and according to Jeroen Koks, who works in the Community Investment (CI) team and is himself a volunteer, there is nothing like volunteering to bring it alive. ‘It is the best way to engage colleagues in community investment,’ he says. ‘They really become part of the impact we have on society.’

Company-wide
In 2024, there were over 7,000 participations in our company-wide volunteering programme (some colleagues took part more than once). The programme has been running since 2014 and this year the number of volunteer hours over the year reached an all-time high of 42,049.

‘During NN Volunteer week, we spread the word across the organisation with flyers and online campaigns, about how great it is to get involved. And it’s not just great for our communities. It really gives me a sense of pride and connectedness to our values.’ 

Battling loneliness 
Colleagues can sign up either as individuals or as part of a team. Last year, in the Netherlands, team participation was more popular than ever, with 1,300 colleagues signing up with their team. Activities ranged from walking, gardening and playing games with the elderly, who often battle loneliness, to giving children in poverty a birthday like never before. NN Group Management Board members also rallied round, packing 500 of some 6,000 gifts and birthday boxes for children.

Social connection is an important theme for community investment, says Jeroen: ‘I visit 98-year-old Mientje regularly, taking her out in her wheelchair for a breath of fresh air. Connecting multiple times really deepens the connection.’

NN Charity Run 
Perhaps the biggest event in the volunteering year is the NN Charity Run. This year over 1,000 enthusiastic colleagues ran over 20,000 km, raising EUR 122,530 for local charities to spend on making a positive impact in our communities. Those who ran in Belgium for example, supported Pinocchio, a non-profit organisation helping children suffering from serious burns as well as their families. In Romania, employees ran for the Association Inima Copiilor, which supports the expansion of the cardiac surgery department at the Marie Curie Hospital in Bucharest, improving the chance of survival for children with heart disease. 

In 2024, during NN Volunteer week, we contributed to the financial, physical and mental well-being of 8,827 people in our communities.

‘The world is changing fast, and one skill set is no longer good for life. To stay successful in the AI-impacted financial sector, we continue to invest in the relevant skills for colleagues.’ 
Hiske Hoekstra, Head of Learning and Talent Development 

There will be two tracks to the employee curriculum. The first will give employees new skills around data and AI that could make them eligible for different work. ‘The world is changing fast, and one skill set is no longer good for life. To stay successful in the AI-impacted financial sector, we continue to invest in the relevant skills for colleagues. Data is everyone’s business.’ The second, the Fundamentals track, will be mandatory except for those who are already data/AI experts, empowering the entire workforce to increase its own, and the organisation’s, efficiency, functionality and impact.

A common language 
An important part of the DLP is to create a common language around data. Collaboration starts with mutual understanding, and the programme enables this by creating a common, Group-wide vocabulary. ‘Our businesses know where the challenges are, and our tech people know what solutions we have in our toolbox. When both talk the same language, there will be fewer roadblocks to change.’ This will not only speed up how we optimise our processes, but also how we act on insights.

ChatGPT 
One part of the programme that is particularly useful is an internal ChatGPT programme which is already used by over 7,000 colleagues to test generative AI. Safe, controlled and fully GDPR-compliant, it is allowing colleagues to use their new tech know-how to test their ideas before our experts take them to the next level. ‘And the great thing is, because this technology is so cool, everyone is keen to get on board.’ 

‘We are committed to further expanding our investments in climate solutions.' 
Marieke van Kamp, Head of Private Markets

Catalysing the transition 
NN Group also collaborated with an asset manager to initiate an investment fund for climate solutions, which aims to finance infrastructure assets providing solutions to the challenges of climate change. The fund focuses on European projects in the sectors of wind, solar, hydro, public transport, EV charging, batteries and energy management solutions in its aim to catalyse the transition to a resilient, low-carbon economy.

Energy and efficiency efforts in the Netherlands 
In the Netherlands we participate in the Dutch Climate Action Fund, which targets investments in projects and companies that aim to support the reduction of carbon emissions. The fund may invest in energy efficiency, e-mobility, energy storage and hydrogen, as well as renewable energy generation. Meanwhile, our Positive Impact Programmatic Venture (PIPV) invests in Dutch sustainable and affordable residential real estate with the intention of adding energy-efficient buildings to the sector, while also helping address the lack of good, affordable rental housing. PIPV targets a reduction of 80% of landlord-controlled greenhouse gas emissions, procuring 100% renewable electricity by 2030 and net-zero operational emissions by 2035.

Green bonds to finance environmental projects 
We also invest in green bonds, their proceeds being used for environmental projects. One such bond is the Dutch government’s second green bond, which focuses particularly on climate adaptation and water, with ‘blue’ expenditures earmarked to protect the country from flooding, mitigate the impact of climate change and ensure supplies of freshwater. This investment aligns closely with our ambition to help mitigate water risk.

Since the publication of the Annual Report 2024, we have updated our target for climate solutions investments to EUR 13 billion by 2030, subject to market environment and constraints. Read more about our climate solutions work here.

‘This partnership provides a gateway to modern, innovative and high-quality healthcare across the country.' 
Michał Nestorowicz, Individual Client Segment Director, NN Poland

Financial support
Coverage is not just about treatment. The new programme supports patients financially if they are diagnosed with a serious illness and may also cover, for example, diagnostics or medical transport. ‘Our partnership with LUX MED allows us to deliver coverage throughout the entire trajectory.’

LUX MED, part of Bupa Group, owns 16 hospitals and 300 other medical facilities in Poland, and cooperates with some 3,000 more. This enables us to provide a gateway to modern, innovative and high-quality healthcare services across the country.

Tailor-made
One of the reasons Michał likes to call it a ‘programme’ and not a ‘product’, is because policies change as a client ages, and becomes more likely to contract certain ailments, like dementia for example. ‘And clients can tailor the policy to suit their own individual needs.’ It’s early days yet, but uptake for the programme has been higher than expected, and it is definitely opening up a new market segment in Poland – the large majority of clients are new. ‘We are addressing a new need. Not an existing need in new places.’
 

In 2024, we introduced an enhanced active ownership framework that supports alignment with industry standards and best practices, establishes thematic engagement goals, tracks engagement progress through five milestones, and evaluates outcomes against external benchmarks. Besides our voting activities at annual general meetings, we built on our relationships with our external partners to ensure we are represented through effective stewardship activities.  

We also continued our participation in industry initiatives and collaborative engagements, for example, by joining Nature Action 100 and expanding our role within the Platform Living Wage Financials. In 2024, we focused on climate and nature in our policy work, advocating for regulatory conditions that support sustainable investment. 

For more information on Sustainability at NN Group, please visit the website 

‘With this update, we reaffirm our commitment to combatting climate change, while being transparent about the progress we are making on our net-zero journey. There are challenges, but also opportunities. By joining forces with others and engaging stakeholders, we believe we can contribute to the transition to a low-carbon future’, says David Knibbe, Chief Executive Officer.

In this updated Climate Action Plan (CAP), we underscore our commitment to incorporating climate action into material aspects of our business. We aim to become a net-zero company by 2050 for our business activities, and net zero for our own operations by 2040. In this document, we elaborate on the progress we have made, detail the action we have taken, and look ahead to the next steps. 

In reaffirming our commitment to our net-zero ambition, this CAP reiterates the targets, reference objectives and ambitions set in previous years and provides a number of updates and additions to our approach regarding our investments and insurance underwriting portfolios, and own operations. Furthermore, we share insights into how we have started engaging with suppliers to reduce their carbon footprint. We also show how we are broadening our focus to connect the dots between climate change and a broader range of nature-related challenges while striving for a just transition for all. 

We acknowledge that many challenges exist. We will nevertheless continue to strive for progress. Our objectives are ambitious, and although we are not yet where we want to be, this report underscores our determination to improve and details the action we plan to take.  

For more information on Sustainability at NN Group, please visit the website

NN Group today announces its invitation to holders of its EUR 1 billion Fixed to Floating Rate Undated Subordinated Notes (ISIN: XS1028950290) (the “Notes”), to tender their Notes for purchase by NN Group for cash (the “Offer”). The Offer is being made on the terms and subject to the conditions contained in the tender offer memorandum dated 3 March 2025 (the “Tender Offer Memorandum”) as prepared by NN Group, and is subject to the offer restrictions set out below, and as more fully described in the Tender Offer Memorandum. 

Copies of the Tender Offer Memorandum and the full launch announcement in respect of the Offer are (subject to distribution restrictions) available from the Tender Agent as set out below. Capitalised terms used in this announcement but not defined have the meanings given to them in the Tender Offer Memorandum.

Rationale for the Offer

The purpose of the Offer and the planned issuance of New Securities (as defined below) is, amongst other things, to proactively manage NN Group’s expected redemption profile. The Offer also provides Noteholders with the opportunity to sell their current holdings in the Notes and to apply for priority in the allocation of the New Securities, as more fully described in the Tender Offer Memorandum.

Irrespective of the outcome of the Offer, NN Group intends to continue to consider future optional redemption rights in respect of the Notes that are not tendered and accepted pursuant to the Offer on an economic basis, taking into account the prevailing circumstances at the relevant time, including: prevailing market conditions, current and future regulatory value, relative funding value of the Notes, rating agency considerations and any regulatory developments.

Details of the Offer 

A summary of certain of the terms of the Offer appears below:

NN Group will also pay Accrued Interest in respect of any Notes accepted for purchase pursuant to the Offer.

Transaction Condition

NN Group announced on 3 March 2025 its intention to issue a series of euro-denominated, perpetual, restricted tier 1, temporary write-down securities (the “New Securities”), subject to market conditions. Whether NN Group will accept for purchase any Notes validly tendered in the Offer and complete the Offer is subject, without limitation, to the successful completion (in the sole determination of NN Group) of the issue of the New Securities (the “Transaction Condition”).

Allocation of the New Securities

When considering allocation of the New Securities, NN Group intends to give preference to those Noteholders who, prior to such allocation, have validly tendered (or have given a firm indication to NN Group or any Dealer Manager that they intend to tender) their Notes pursuant to the Offer. Therefore, a Noteholder who wishes to subscribe for New Securities in addition to tendering its Notes for purchase pursuant to the Offer may be eligible to receive, at the sole and absolute discretion of NN Group, priority in the allocation of the New Securities, subject to the issue of the New Securities and such Noteholder making a separate application for the purchase of such New Securities to a Dealer Manager (in its capacity as a joint lead manager of the issue of the New Securities) or to any other joint lead manager of the issuer of the New Securities in accordance with the standard new issue procedures of such joint lead manager. Please refer to the full launch announcement and the Tender Offer Memorandum for further information regarding the allocation of the New Securities.

Expected Timetable of Events (All times are CET)

The Offer commences today and the Expiration Deadline shall be 5.00 p.m. (CET) on Friday, 7 March 2025. The Maximum Acceptance Amount will be announced as soon as practicable after the pricing of the New Securities, which is expected to occur prior to the Expiration Deadline for the Offer on Friday, 7 March 2025. The result of the Offer will be announced as soon as reasonably practicable on Monday, 10 March 2025, with the Settlement Date expected to be on or around Wednesday, 12 March 2025 (subject to satisfaction or waiver of the Transaction Condition on or prior to such date).

Further Information

BNP PARIBAS, J.P. Morgan SE, Citigroup Global Markets Europe AG, Deutsche Bank Aktiengesellschaft, ING Bank N.V., Natixis and UniCredit Bank GmbH are acting as Dealer Managers for the Offer and Kroll Issuer Services Limited is acting as Tender Agent (Telephone: +44 (0)20 7704 0880, Attention: Owen Morris, Email: nngroup@is.kroll.com, Website: https://deals.is.kroll.com/nngroup).

Nature Action Plan for proprietary assets

Early 2024, we published a biodiversity white paper to highlight material biodiversity impacts and dependencies in our corporate investment portfolio, as well as key milestones towards 2030. Since then, we continued to develop a Nature Action Plan, and initiation targets for 2025, as part of our commitment to the Finance for Biodiversity Pledge. Our plan includes the following initiatives:

·         Responsible investment governance and education: We will enhance internal awareness and knowledge on biodiversity and nature by providing training sessions and learning modules for investment experts and other departments such as Finance and Risk. Potential topics include the materiality of nature to investment portfolios, target setting, and best practices.

·         Risk management framework for nature: We plan to expand our biodiversity risk assessment for investment to other asset classes starting with real estate. We will also engage with external asset managers to enhance oversights of biodiversity impacts as part of ESG integration.

·         Further actions to measure, halt and reverse nature loss: We will explore approaches for baseline measurement and ‘nature solutions’, develop a nature policy and strengthen our biodiversity engagement strategy. 

We aim to report progress on these initiation targets by early 2026, as we prepare to set potential portfolio targets on nature after the completion of our initiation targets.

Collaborations for biodiversity mitigation

In alignment with our Nature Action Plan, we actively participate in various nature-related collaborative engagements, such as Nature Action 100 and the Ceres Valuing Water Initiative. We recently contributed to a report on enhancing investors’ understanding of water-related risks. We also joined a global call to action on biodiversity, recognising that governments play a crucial role in accelerating mitigation efforts through establishing national targets on nature, developing disclosure regulations for companies, implementing regulations to protect nature, and scaling up finance for biodiversity restoration

Biodiversity study for a residential real estate project

In 2024, we conducted a pilot biodiversity study for one of our residential real estate projects in Amsterdam with the support of our external real estate manager CBRE and sustainability consultancy firm Rebel. The pilot study assessed the environmental benefits of four different intervention scenarios, such as planting options for courtyard garden, green roof and green balconies, replacing pavement with vegetation. As part of the building completion in September 2024, we implemented the measures from one of the scenarios.

Marieke van Kamp, Head of Private Markets, says: “This study demonstrates NN's commitment to incorporating biodiversity into investments.  For this project, we identified ways to achieve biodiversity gain and were able to act on it at surprisingly low cost. We did not expect this and it emphasises the advantages to conduct such study early in the development stage. We will continue to work on more use cases to halt biodiversity loss."

Claire Funken, Peter Paul Boon and Nicolien Holland of Group Tax proudly receive the VBDO Tax Transparency Award on behalf of NN Group

With a 100% score, NN Group has emerged as one of the winners of the 2024 Dutch edition of the VBDO Tax Transparency Benchmark. For the tenth consecutive year, the Dutch Association of Investors for Sustainable Development (VBDO) conducted this comparative study, evaluating 116 stock-listed companies in the EU. NN Group, alongside Philips and the Italian power company Enel, achieved the maximum score of 38 points.

In its report, the jury complimented NN Group for having been a pioneer in the field of tax transparency for many years. Notably, they highlighted our detailed description of how our tax strategy is linked to our broader strategy and values, as well as our extensive reporting on tax risks and controls.

Annemiek van Melick, Chief Financial Officer of NN Group said: ‘We are pleased to rank first in the VBDO Tax Transparency Benchmark, especially in a time when taxation plays a more important role than ever in addressing global challenges. Being future ready also means being transparent and responsible in our tax conduct, and we are committed to upholding these standards. Congratulations as well to Philips and Enel on this shared achievement.’

You can read the full VBDO Benchmark report here.

The Diversity Leaders were identified in an independent, online survey from a sample of 100,000 employees across 16 countries within Europe. Participants were asked to rate their employer's promotion of diversity on a scale from 0 to 10. They were also asked to give their opinion on statements related to age, gender, equality, ethnicity, disability, and sexual orientation using a 5-point scale. The opinions of women, elders, and ethnic minorities were given more weight to ensure diverse perspectives were taken into account.

The survey resulted in over 300,000 evaluations that formed the basis to identify the Diversity Leaders. The employee surveys account for 70% of a company's final score, with the remaining 30% coming from objective indicators such as the share of women in management positions, communication in favour of diversity, and a diversity score calculated by data provider Denominator.

At NN, we strive towards creating a warm culture in which we embrace and support our colleagues. Together we build an environment in which our people feel welcome, valued, and respected. Read more about our D&I approach: NN Group - Diversity and Inclusion

Read the article to learn more about the ranking and methodology.

‘We are thrilled to announce The Linghos as the winner of this year’s NN Social Innovation Startup Award,’ said Fleur Hudig, Head of Sustainability & Social Impact at NN Group. 'The NN Social Innovation Startup Award has been an incredible journey and we were honoured to receive so many outstanding applications from around the world. We were impressed by the passion, dedication and innovative solutions presented by all the finalists. While only three finalists were named winners, we want to acknowledge and thank each and every participant for their hard work and commitment to improve the financial, physical and mental well-being of those at risk.’

Whispp and Bugeto were also named winners, receiving EUR 50,000 grant each to support their missions. All three finalists will have access to a year-long venture development and mentorship programme from both NN and Rubio to scale up their business. This provides access to a broad network of experts, mentors and an investor-readiness programme.

NN and Rubio Impact Ventures are set to continue their joint venture. NN will invest an additional EUR 2 million in Rubio’s Fund III to scale up their support in early-stage companies that positively contribute towards society. This is the second investment from the NN Social Innovation Fund and part of NN’s mission to drive social innovation.

Congratulations to the winners!

Nathalie van Toren, Head of Responsible Investment, says: “The statement underscores the critical importance of addressing biodiversity loss from the perspective of long-term investors. It calls for urgent government action to implement robust policies and regulations that halt and reverse biodiversity loss by 2030. Effective government action is essential to mitigate risks and attract capital that values and prioritises nature.” 

At COP16, 196 government representatives discussed the implementation of the Global Biodiversity Framework, which is crucial for sustaining life on earth, combating climate change, and supporting global economies and food systems. “NN Group recognises the importance of addressing biodiversity loss, which is a priority topic for our investment and active ownership activities. Signing the statement aligns with our advocacy efforts in this area.” 

In addition to NN Group, the signatories include investors from Australia, Canada, Denmark, the Netherlands, Sweden, Switzerland, the United States and the United Kingdom. 

The recently published report highlights the need for more up-to-date and consistent location-specific data, scenarios, and understanding of risk profiles of watersheds and supply chains in corporate reporting. By contextualizing risks to both the company and the regions in which it operates, investors can gain a better understanding of water-related risks and make more informed decisions. 

‘Corporate reporting does not sufficiently capture localised water and future risks, leaving a gap that has to be addressed in order to map and assess water risks in a standardised way,’ said Rebecca Dreyfus, Active Ownership Specialist within NN Group's Responsible Investment team. ‘This report provides actionable insights for investors and businesses to assess these risks more effectively. Understanding and mitigating water-related risks in specific locations is crucial for companies amidst rapidly changing global climate and ecosystem dynamics.’   

The report focused on two critical watersheds in São Paolo (Brazil) and Chennai (India), two large urban conglomerates that have been experiencing water stress for a prolonged period. Both cities have a broad range of economic activities that rely on local water sources, such as the automotive and manufacturing industries. Local water issues in these areas can therefore have an impact on global commodities and businesses as well.  

The research report is the outcome of the BRIDGE project, which was launched last year with the goal of identifying new approaches to bridge gaps in corporate reporting on environmental, social, and governance (ESG) topics, particularly in the area of water. In the project, we partnered with water specialists Deltares and WWF, as well as peers Achmea IM and SCOR.   

NN Group will continue to focus on water as one of the priority topics for our investments in the coming years. We will continue collaborating with initiatives, such as the Ceres Valuing Water Initiative and Nature Action 100 to address environmental risks. Additionally, we plan to develop water-specific metrics to monitor corporate progress and explore opportunities for further engagement effort to enhance water stewardship.  

Please also see the NN Active Ownership programme  

 

Collaboration between corporate and venture capital

The award offers not only financial support but also access to a broad network of experts, mentors, an investor-readiness programme and a potential investor. The focus is on empowering entrepreneurs in NN markets (Belgium, Czech Republic, Greece, Hungary, the Netherlands, Poland, Slovakia, Romania, Spain, Turkey and Japan) who are developing innovative solutions to complex social challenges. By combining corporate strength and venture capital, NN Group and Rubio are offering complementary expertise to accelerate societal solutions and innovation in this space.

A movement to empower people through innovation

Fleur Hudig, Head of Corporate Citizenship at NN Group, remarks: ‘At NN, we are committed to making a positive impact in society. That's why we created the NN Social Innovation Fund. Our fund champions early-stage social enterprises that provide solutions for improving people's financial, physical, and/or mental well-being. By partnering with Rubio Impact Ventures, we’re not only providing financial support but also combining our resources to ensure these start-ups receive the guidance and support they need to maximise their potential and create lasting societal impact.’

Driving systemic change

Ilonka Jankovich, Venture Partner at Rubio Impact Ventures, emphasises the importance of providing both funding and support to early-stage start-ups: ‘Early-stage people tech start-ups focused on equal opportunities, mental and physical well-being are key to driving systemic change. However, many of these start-ups lack the financial resources and support necessary to reach their full potential. The support we’re offering in collaboration with NN Group could truly be a game-changer for several impactful start-ups, especially given the breadth of this initiative across various countries in Europe. I am eager to see the innovative solutions that will emerge and look forward to announcing the winners on 28 November during Impact Week Europe in Bilbao. This initiative represents a significant step forward in empowering social enterprises to make a lasting difference.’

Apply now!

Start-ups interested in participating in the NN Social Innovation Startup Awards can apply until 15 October 2024. To be eligible, start-ups must focus on advancing equal education, sustainable livelihoods and well-being. For more information on application criteria and to submit your application, please visit our website. Do not miss this opportunity to showcase your innovative solution and make a significant contribution to social impact across Europe and Japan.

Download the full report on the CRO Forum website.

The FIT draws on the experience gained with the Net-Zero Insurance Alliance (NZIA) that first transformed net-zero insurance from theory into practice. A group of 19 insurers and reinsurers have joined the initiative.

The FIT is chaired by the UN Environment Programme (UNEP). It will engage with insurance regulators and supervisors, net-zero standard-setters and initiatives, and the scientific and academic community, among others.

NN Group has joined FIT as a founding member because we believe collaboration and knowledge sharing with key players in the international (re)insurance market continues to be essential for the financial industry to reach its net-zero targets. NN Group aims to reach net-zero with our insurance underwriting portfolios by 2050 and we published our first intermediate targets in July 2023.

Priorities for the FIT:

• Advancing frameworks for net-zero insurance metrics and voluntary targets, and developing new net-zero insurance concepts                     
• Developing a net-zero transition plan framework for insurance market participants
• Engaging with the real economy on the development of net-zero transition plans by corporates across different sectors                        
• Tackling challenges and opportunities to develop insurance solutions and taxonomies that support the net-zero transition

With FIT replacing NZIA, we continue to share the goal to tackle climate change and the problems it raises for the insurance market.

Read more information on the FIT : https://www.unepfi.org/forum-for-insurance-transition-to-net-zero/

Today, NN Group (NN) announces it has entered into a four-year agreement with Sports Organisation Le Champion to become title sponsor of the Dam tot Damloop, a well-known running event in the Netherlands.

NN has been a supporter of all runners since 2015, which aligns with NN’s brand ambition to positively impact society and encourage healthy behaviour. By supporting various running events in Europe and Japan, we aim to help runners at all levels achieve their goals.

‘This new partnership enables NN to start a new phase in supporting all runners. Events such as the NN Marathon Rotterdam, the NN Ultrabalaton in Hungary and the NN Warsaw Marathon predominantly target advanced runners. With the NN Dam tot Damloop, we offer people the opportunity to participate in shorter runs and enjoy an event where you feel the enthusiasm of the people around you,’ shares Mariëlle Krouwel, Chief Marketing Officer at NN Group. ‘Together with the Royal Dutch Athletics Association we also recently launched the NN Running Coach, an AI tool, which provides personalised insights and advise. These developments allows NN and its partners to target more people than before and invite them join us to experience the fun of running.’

René Wit, Adjunct-Director of Le Champion, adds: ‘It’s great to partner up with NN, which has a longstanding track record of supporting runners through its initiatives, products and services. Together we can offer runners more knowledge, tools and opportunities to become involved and passionate about the sport.’

To underscore our ongoing commitment to running, Nationale-Nederlanden launched a campaign in the Netherlands to encourage people to start working on their personal fitness goals. View the campaign here.

Learn more about the NN Running Coach here.

Website NN Dam tot Damloop.

The strategy will target high yield private debt investments primarily in Europe and the US including sectors beyond traditional wind and solar generation, such as hydropower, green hydrogen, energy efficiency, energy storage, bioenergy and sustainable industrial production. The first investment will be financing a large-scale green steel project in Sweden, which aims to produce steel with up to 95% lower CO₂ emissions compared to steel production from coke-fired blast furnaces.

The collaboration supports NN Group in its target to more than double investments in climate solutions to around EUR 11 billion by 2030. The strategy has been jointly designed and developed by NN Group and Macquarie. It will be managed by Macquarie, which has a long-standing track record of providing infrastructure debt financing, having deployed approximately EUR 14 billion in infrastructure and energy debt on behalf of its clients since 2012.

Jelle van der Giessen, Chief Investment Officer of NN Group: ‘We are pleased to support the launch of this new strategy with Macquarie as our trusted partner in infrastructure investments.  It will enable us to further support our contribution to the energy transition across a wide range of sectors beyond traditional renewable energy.’

Tom van Rijsewijk, Co-Head of Macquarie Asset Management’s Private Credit team in Europe, said: ‘There is a considerable and growing demand for debt financing in green investments beyond wind and solar. Substantial investment in these more nascent and critical elements of energy transition ecosystems is needed urgently to accelerate the transition to net zero.’

Biodiversity, or the variety of life on our planet, is declining at an unprecedented rate. Healthy ecosystems provide essential services such as food, clothing, and medicines, and more than half of global GDP depends on nature and its ecosystems. Deteriorating ecosystems pose a severe risk to our society and economy.

The white paper provides an overview of all our efforts to protect and restore biodiversity, highlighting the initiatives we have taken to integrate biodiversity in our investment strategies. We also describe the impact assessment we have conducted for our proprietary corporate investment portfolio, and how biodiversity fits with our ongoing work. We believe that collaboration and innovation within our company and the broader financial industry are key drivers in achieving our future goals. By sharing our approach, we aim to inspire and encourage others to join us in preserving the environment and promoting biodiversity for future generations.

Jelle van der Giessen, Chief Investment Officer at NN Group: “As part of our responsible investment strategy, and as a signatory of the Finance for Biodiversity Pledge, we are committed to contribute to the conservation and restoration of biodiversity. The global economy depends on the healthy functioning of ecosystems, which is why the loss of biodiversity could have long term implications for our investments. With this paper we want to share our knowledge and insights of both the social economic, as well as financial risk associated with biodiversity loss.”

NN Group is committed to promoting the protection and restoration of biodiversity and ecosystems through our financing activities and investments. We are involved in several working groups through the Finance for Biodiversity Foundation. In 2023, we joined the collaborative engagement programs Nature Action 100 and Ceres Valuing Water Finance Initiative, to strengthen our efforts in protecting and restoring biodiversity and ecosystems through our investments. In the coming years, biodiversity and water will be an important focus area, and we are participating in various initiatives to strengthen engagement in these areas.

There are approximately 1.8 million working women¹ in the Netherlands going through menopause, of which 90% indicate they do not know where to go with their questions and symptoms. NN's new Dutch platform Vi is determined to change that, with an app designed to support working women manage their symptoms, find information and connect to qualified experts.  

Tackling taboos 
The menopause has traditionally been seen as a private matter or ‘a women’s issue’ and is not a topic which is often discussed openly or which has been taken into account in working practices. This has resulted in a lack of knowledge and awareness about the physical and emotional changes that women experience during this natural stage in life.  

Vi aims to support women to access proper care, which in turn can reduce the potential impact on their life and career. The platform enables women to monitor and track their physical and emotional symptoms. It also offers workshops for employers and employees, coaching, as well as access to medical specialists.  

Marleen ten Damme, founder of Vi, explains their mission: ‘Tackling the menopause taboo is our starting point for Vi. We’re really happy that conversations about menopause have developed over the course of the last year. It’s time to support women and employers with the right services to bring this change to action. We aim to bring understanding and awareness about this phase through personalised and data-driven insights. Every woman experiences the menopause in her own unique way. That's why our services are designed so that each woman can examine her own situation and receive advice that truly suits her.’   

Available now for employers 
Vi was launched in August 2023 for its first pilot users and is now an independent entity, available for employers and their employees as of January 2024. The platform has been created by NN Ventures, the corporate venture builder of NN Group. Their aim is to create new business models that are independent but complementary to existing products, mostly in the life insurance and pensions space. NN will take a minority stake in Vi as co-founder. 

Jeroen Meijers, Head of NN Ventures, says: ‘Female health has been under-invested, and it has a direct impact not only for women but the companies they work for. NN sees this important issue in society, and we are in a good position as a business to invest in Vi as a solution.’ 

You can learn more about Vi at www.vihealth.nl.

_{¹ Rijksinstituut voor Volksgezondheid. Werken tijdens de overgang, 2022, page 2.}  

Dailah Nihot, member of the Management Board of NN Group: 'We are pleased to be included in the DJSI World Index again. External recognition like DJSI encourages us to continue to make a real difference, supporting our 20 million customers and contributing to the transition to a sustainable economy.’

Read more here on our sustainability approach, including NN's Climate Action Plan 2023 and the first Active Ownership Report by NN.

NN Group (NN) firmly believes that active ownership is an effective way to stimulate corporate change. Dailah Nihot, Member of the Management Board of NN Group: ‘We are committed to investing our assets responsibly and promoting sustainable growth. Active ownership is a key part of NN Group’s responsible investment approach. By exercising voting rights and engaging in dialogue with the companies we invest in, we aim to foster sustainable business practices. Our belief is that this approach will enhance the long-term value of companies and ultimately benefits all our stakeholders.’  

After the sale of its asset manager in 2021, NN has developed its own active ownership approach. NN expanded the Responsible Investment team and added dedicated resources to the active ownership function. The company now actively participates in various industry initiatives and collaborative engagements, and also partnered with an external stewardship services provider.  

‘Our first Active Ownership Report provides an overview of our active ownership activities for listed equities and corporate fixed income. We show how we have leveraged our voting rights to further our ambitions as a responsible investor and highlight select outcomes from our engagement programme. As a financial services company, we have a responsibility to advocate for policies that align with our values and promote long-term sustainable growth. The report covers some examples of these policy advocacy efforts.’ 

Proxy voting 

Exercising voting rights is one of the most effective ways for investors to hold company management accountable. In the first half year of 2023, NN voted on 586 items at 43 annual general meetings. We hold the view that company management should base their decisions on the long-term interests of the company and its shareholders while acting responsibly towards all stakeholders. Our voting activities were focused on three issues: board elections, alignment of executive remuneration with company strategy, and integration of sustainability within company strategy. NN prioritises these issues as crucial factors for the long-term success and stability of companies. 

Engagement 

NN Group strongly believes in using engagement to create beneficial change by encouraging companies to improve their environmental, social and governance (ESG) practices. Divestment is a last resort as it limits our ability to influence sustainability issues. We prefer an engagement-led divestment approach, restricting companies when engagement is infeasible or unlikely to result in change. Instead, we tailor our engagement strategies for themes and companies using a range of direct and collaborative approaches. 

Dutch technology company Philips was selected by the jury as the top-scorer of this year’s edition. From 2019 until 2022, NN Group led the annual benchmark for the Netherlands. According to the jury, NN Group set the standard for being in control of its tax matters  over the past years.

Annemiek van Melick, Chief Financial Officer of NN Group: ‘We are committed to accountable tax transparency and we are very pleased to see this reflected over the years in the VBDO Tax Transparency Benchmark. NN Group congratulates Philips with their first position in the benchmark. We are very pleased to have improved our score to 39 out of 40 points. The benchmark this year shows increased scores from companies throughout the benchmark. This is good news for tax transparency and it stimulates us to continue to improve our results in this field.’

Insurance Innovators Summit brings together the incumbents and disruptors setting the innovation agenda within the insurance industry. Attendees discuss the most critical issues facing the industry today, such as disruptions in distribution, evolutions in AI, gamification and Web3.

Chief Customer & Commerce Officer, Lieke Luttmer, joined a panel discussion on ‘Putting customer needs first'. Lieke spoke about the role of people and culture challenge in digital transformation, the importance of transparency and “test & learn” culture, and what being a truly customer-centric insurer means.

Also at the event, NN Group's Chief Analytics Officer Tjerrie Smit took part in a fireside chat on ‘Next stage automation'. Tjerrie discussed how generative AI (GenAI) is transforming our day-to-day work and the wider industry, how to create a culture of innovation, and how NN applies GenAI to deliver an excellent experience for customers.

NN Group uses AI across our business units in support of both personal efficiency for our colleagues and in serving our customers. For example, our Fraud Risk Model (FRM) identifies various levels of potential risk for our teams to investigate, and we use ChatGPT to automatically generate summaries of customer service calls, saving valuable time on manual creation.

Read more about how NN uses AI.

The Bridge project will provide a unique perspective by combining current and future basin water risks (such as the risk of water scarcity, droughts or floods) with water-related performance of companies (how companies manage or impact water resources, including how they use, conserve, or pollute water). The goal is to develop a new approach to mapping these risks and will be used in engagement with the companies being invested in. By applying more location-specific tools and conducting a systems analysis of cascading risks, the study aims to bridge the gap between location-specific risks and portfolio-wide risks. The project qualifies as a Top consortium for Knowledge and Innovation (TKI) programme of the Dutch Enterprise Agency. 

The study will focus on critical watershed areas that are crucial for supply chains, biodiversity, and human rights and which are known for being hot spots regarding water stress. 

This approach supports the findings of the Ceres Valuing Water Finance Initiative benchmark, released in October 2023. The benchmark shows that only 42% of the 72 companies assessed have set contextual or risk-differentiated targets for high-risk watersheds. For example through time-bound targets using a contextual or risk-differentiated approach in their direct operations and supply chains. NN engages with companies with a high water footprint, to adopt and implement a set of clear steps, called the Corporate Expectations for Valuing Water.  

The Ceres Benchmark findings underscore the importance of companies accelerating their efforts to advance their water stewardship strategies, as it is vital for the preservation and protection of freshwater resources. NN Group has identified water as a stewardship to focus on in dialogues with our investee companies over the coming years. The collaboration with Achmea IM, SCOR, Deltares and WWF in Bridge and NN’s participation in the Ceres Valuing Water Initiative are examples of how we advance this crucial topic.  

NN invests in real estate through both direct ownership of buildings (‘direct portfolio’) and indirect investment via non-listed real estate funds (‘indirect portfolio’). NN Group's direct portfolio scored 92 out of 100 in the GREBS benchmark, up 5 points from 2022. The score is 11 points higher than the peer group average of 81 and 17 points above the GRESB average of 75. The overall GRESB score for the total portfolio, direct and indirect combined, will be published by NN Group in its annual report.  

The leading GRESB 2023 ranking and the improvement on last year’s score for the direct portfolio have been the result of successful efforts to reduce energy usage across the portfolio, as well as the increased use of renewable energy via the installation of solar panels, smart installations, and so on. In addition to these efforts by NN Group, CBRE IM took steps to further reduce greenhouse gas emissions across the portfolio and increase water data coverage across all asset classes.

Marieke van Kamp, Head of Private Markets at NN, said: “NN is committed to achieving net-zero emissions, and we have pledged to more than double our investments in climate solutions by 2030. Energy-efficient real estate plays a vital role in this, next to investments in renewable infrastructure and green bonds. This five-star GRESB ranking and our position at the forefront of the peer group – Western European diversified portfolios – is evidence of that commitment. We are very pleased with this strong result, which we view as a blueprint to make the rest of the portfolio more sustainable as well.”

Marije Braam-Mesken, Senior Portfolio Manager at CBRE IM, said: “We have been dedicated to improving the GRESB score as we understand to drive long-term outperformance in the real estate that we manage, sustainable energy-efficient investment is fundamental. It is rewarding to see these efforts yield such excellent results – NN’s direct portfolio is now GRESB’s premier Western European diversified core fund.”

About GRESB
GRESB is a mission-driven and industry-led organisation that provides actionable and transparent environmental, social and governance (ESG) data to financial markets. Established in 2009, GRESB has become the leading ESG benchmark for global real estate and infrastructure investments, providing standardised and validated ESG data.

Finance for Biodiversity Foundation: Biodiversity-climate nexus guide
NN Group plays an active role in the Finance for Biodiversity Foundation. Its goal is to support a call to action and collaboration among financial institutions to reverse nature loss this decade. We have contributed to a new guide on how to manage the biodiversity and climate nexus in investments and lending. The guide helps financial institutions integrate biodiversity into their climate change strategies and offers practical recommendations and sector examples to manage the relationship between biodiversity and climate change in investments. 

Collective engagement initiative Nature Action 100
In September, NN Group joined Nature Action 100, a global investor-led initiative working to drive the necessary corporate action to reverse nature loss. Through Nature Action 100, 190 investor participants will engage directly with 100 companies in key sectors around the world. NN will lead and/or actively participate in a selected number of engagements to advance the investor expectations identified by Nature Action 100. 

Protecting and restoring biodiversity and ecosystems through our investments
Jelle van der Giessen, Chief Investment Officer of NN Group: “As a company, we want to contribute to the well-being of people and planet. To this end, we recognise the importance of integrating biodiversity into our investment strategies and active ownership activities. That is why NN Group has contributed to a guide that helps financial institutions understand the connection between climate change and nature. To further our efforts in protecting and restoring biodiversity and ecosystems through our investments, we also joined Nature Action 100. Collaboration with other investors enables us to leverage our collective knowledge and influence, driving change and encouraging companies to improve their biodiversity impact and practices more effectively." 

Nathalie van Toren, Manager Responsible Investment, was recently included in the ‘Top 50 Women in Sustainable Finance’ by Women in Financial Services (WIFS). We sat down with her to discuss her career in responsible investing, what drives her and what’s next.

1. What kind of work do you do, and what does a typical day look like? 
"As Manager of Responsible Investment, I co-lead the Responsible Investment (RI) team at NN Group, which drives the integration of sustainability and RI principles across the company's investment activities. Our objective is to align our investments with NN Group’s values and RI criteria, by taking into account environmental (E), social (S) and governance (G) factors in the investment process and engaging with companies to promote sustainable practices.

On a typical day, you will find me working on policy and strategy development, reporting on progress, and collaborating with internal departments such as the Investment Office, Finance, and Risk. I also spend time engaging with external stakeholders like asset managers and participating in industry initiatives."

2. Why did you pursue a career in RI, and what makes this work so interesting? 
"I pursued a career in RI after working as an equity analyst and investor relations professional. Through these experiences, I became acquainted with Socially Responsible Investment (SRI) portfolio managers who raised long-term, strategic questions about topics such as environmental issues, human rights, and health. This led me to the field of RI, which I have been involved in for the past decade.

What makes RI so interesting to me, is its focus on connecting finance with the real economy to drive positive change. This includes addressing global issues such as climate change and growing inequality. I’m particularly driven by implementing and monitoring a net-zero strategy for our investment portfolios across different asset classes."

3. Where do you see opportunities to grow? 
"One of the initiatives we have been working on is expanding the capacity of our RI team and active ownership function. We are building a team of 10 dedicated professionals, and I am excited about becoming a leading and innovative RI team in the industry.

However, growth is not just about adding more people. It is about constantly learning, evolving, and finding new ways to make a positive impact. We recognise that we have to address complex environmental and social issues, but with the right team and approach, we are confident that we can make a difference."

4. What issues are you facing? 
"As responsible investors, we need reliable and comprehensive ESG data to make informed decisions. While new regulations such as CSRD have been introduced to ensure corporations provide this data, the compliance factor can be complex and time-consuming, and it is important to constantly evaluate whether these efforts truly contribute to promoting RI.

Another challenge is how to bring about actions with real-world impact. For instance, in setting net-zero goals, there is a risk that investors may achieve decarbonisation through divestment rather than supporting real-world emission reduction. This is particularly challenging for carbon-intensive sectors like cement and steel, which are essential to the low-carbon world but hard to decarbonise. Emerging markets are another example, since they may have different priorities or less progress in meeting climate targets. Divesting may not be the best solution as it does not support these sectors and markets to transition to more sustainable practices and we may miss an opportunity to engage with them to stimulate change."

5. What’s next for you? 
"Looking towards the future of RI at NN Group, I am excited about several initiatives, such as integrating biodiversity considerations into our investment processes and strategies. We are also putting more emphasis on human rights due diligence and living wages, as we believe that these topics are important to promoting sustainability and RI.

Another focus area is the use of technology to drive efficiency and innovation. Our company is exploring the use of ChatGPT AI, which I find particularly interesting. Through this technology, we could make tasks related to ratings, benchmarks and reporting more efficient, freeing up time for more impactful activities like strategy and policy development and active ownership.

Finally, my recent nomination as one of the top 50 women in finance by WIFS is an honour. I see this as an opportunity to be an ambassador and inspire more people to work in sustainable finance."

57 leading financial institutions with over $ 2.9 trillion Assets under Management, spanning 10 countries launch an investor statement to calling upon Member States to accelerate implementation of the of the WHO FCTC. These financial institutions, including banks, pension funds, insurers, and asset managers, are committed to raising awareness about the multifaceted benefits of tobacco control, spanning not only health and environmental concerns but also the significant negative economic impact of tobacco-related issues. Besides NN Group, signatories include Achmea, BNP Paribas AM, Australian Super, Länsförsäkringar, and Cardano. 

Nathalie van Toren, Manager Responsible Investment at NN Group: “NN Group has excluded tobacco producers from its investments since 2018 due to concerns regarding public health and the economic burden that smoking places on society. The decision was based on the observation that engagement with the tobacco industry would not lead to fundamental changes. Additionally, the tobacco sector is associated with issues such as human rights violations and negative environmental impacts. The supply chain for tobacco farming, which engages over 17 million people, is particularly sensitive to such violations.

Signing and ratifying the WHO FCTC, or accelerating implementation of the measures outlined in the Convention if already signed, can help countries gain the health and economic benefits of tobacco control."

The CRO Forum brings together a group of European chief risk officers (CROs) from insurance companies who share ideas and benchmark risk management practices. The Emerging Risk Initiative identifies and communicates emerging risks that may have significant impacts on the industry within the next ten years. NN Group is chair of the Emerging Risk Initiative in 2023, leading knowledge exchange and coordinating publication of the annual Emerging Risk Radar.

New risks for 2023

The new risks added to the Radar in 2023 are Energy Storage Systems, in the context of the green energy transition and attempts to decrease fossil fuel dependencies; Data Ethics, with growing customer awareness and the increased integration of technology into everyday life raising questions about equal access to digital resources, data security and ethics; and New Insurance Competition, as the traditional role of insurers is impacted by value chain disintermediation, embedded insurance products and services offerings, and Big Tech companies. The report also assesses and updates major trends, which largely remain unchanged compared to 2022.

Ivo Roest, manager Enterprise Risk & Integration at NN Group: ‘Emerging risks consist of new or developing risks as well as existing risks that are difficult to measure. They are relevant for the insurance industry because they can accumulate over time and they can be difficult to link to a specific cause. By monitoring emerging risks through the Risk Radar, we can develop products and services that help our customers to insure themselves against new risks.’

Download the full report on the CRO Forum website.

The VBDO’s Benchmark on Responsible Investment by Insurance Companies in the Netherlands is published every two years. It assesses how 20 Dutch insurers formulate, govern, implement and report on their responsible investment policy. This year, the bi-annual report focused on climate change. Compared to VBDO’s 2021 benchmark study, NN's efforts resulted in an improved absolute score of 4.1, resulting in a fourth overall place. We were among the top performers of the benchmark, with the four top-scoring companies all receiving a four-star ranking.

As a financial services provider, we are aware of our impact on society. We use our resources and knowledge to contribute to a sustainable future. We integrate environmental, social and governance (ESG) factors into our policy and climate change is an important focus area.

Our recently updated Climate Action Plan sets out a clear roadmap to reduce greenhouse gas (GHG) emissions to net-zero in our own operations by 2040, as well as in our proprietary investments and insurance underwriting by 2050. As an investor, we enter into a dialogue with companies to encourage them to reduce their emissions. In addition, we make a positive contribution to the energy transition by investing in climate solutions. We also make customers aware of climate risks through our insurance and banking products, for example, helping them to choose sustainable damage repair, and stimulating them to live more sustainably.

We will continue to work on improving our responsible investment policy and addressing climate risks throughout our activities.

You can read the full VBDO report on their website.

Martijn joined ING in 2005, working as Principal Consultant in Strategy & Business Change. Since then he held several senior leadership roles at NN Group, including Director Customer Service Centre Individual Life and Head of Individual Life. Since 2021, he has been Head of Life & Pension Services. Under his leadership, the Life and Pension Services organisation significantly improved customer engagement and simplified its processes and IT landscape. As CEO of NN Belgium, Martijn will focus on further growing our business in the Belgian market.

NN in Belgium

NN has had a market presence in Belgium since 1913. NN Belgium offers life and non-life insurance.

Potential for new ventures 

NN Group launched its corporate venture builder NN Ventures in April 2023, to use its existing innovation resources to (co)fund the exploration and development of a small number of new insurtech propositions up to the first significant round of investment (known as Series A). These ventures are designed to operate independently but are complementary to current NN products, therefore helping us to stay relevant for our customers and meet future needs. 

Jeroen Meijers, Head of NN Ventures, reflected on the findings of the report during a panel session at ITC DIA Europe on 29 June. Jeroen said: ‘We've been partnering with insurtechs for many years and tested many ideas, and we've found that the strength comes from leveraging the assets of both the entrepreneurs and the corporate, such as the customer base and distribution capabilities...We've transformed our innovation unit to a venture builder, where we leverage our company's assets from the outset to work on specific themes with a strong business case that solve real problems for our customers.’ 

More key trends in the report 

The report also explains that technologies such as artificial intelligence (AI) are making an impact across different areas such as claims automation, marketing, contract and policy management. Generative AI tools, such as ChatGPT, also open new doors, although it is still unknown which processes will be most affected by them. The most immediate use cases for these AI tools are customer-facing processes (lead generation opportunities, enhanced agents, customer portal, etc.). These applications can also be useful in claims automation and fraud detection, which are some of the ways we use AI at NN.

Insurance plays a key role in both climate change mitigation and adaptation, the most serious global risks today. When it comes to other emerging risks, such as cyber protection, cyber insurance was found to be a crucial factor in the cybersecurity ecosystem and an opportunity for insurtech startups. 

Read more about NN Ventures. 

NN's ambition is to be an industry leader known for customer engagement, talented people and contribution to society. In his session, Tjeerd shared that technology is key to delivering on this vision and it has the potential to solve many challenges in the insurance industry. For example, NN uses ChatGPT to generate summaries of customer service calls, which are usually created manually. By automating this process, our colleagues only need to perform a check, saving them time to focus on helping our customers.  

Another way we are using AI is in fraud risk detection, where our Fraud Risk Model (FRM) identifies various levels of potential risk for our colleagues to investigate. Finally, our Bodily Injury claims division uses machine learning to support claim handlers with lump-sum reserve estimations, as well as ChatGPT to summarise incoming emails, saving essential time on administration. 

Despite the opportunities presented by such technologies, their risks are undeniable, and as such must be addressed with a strong ethical framework. NN has established an ethical framework to put necessary safeguards in place, and uses a closed ChatGPT environment solely for NN colleagues. 

NN is committed to sustainable and ethical use of technology, maintaining the trust of our customers throughout almost 180 years. We believe that with the combination of humans and technology, we can build better decision making and customer experience. 

Read more about customers and distribution. 

In their session “Revolutionising customer experience with tech”, Rob and Lieke talked about how we are harnessing innovative technologies like AI and ChatGPT to modernise customer experience and revolutionise insurance. 

NN's purpose is to help people care for what matters most to them. This means offering customers trust and peace of mind by being there for them during the big moments in life. Technology can power this by making their experience easier and more frictionless. 

An example of this is our automatic call logging tool (ACL), which supports our customer service colleagues by summarising their calls with customers, which is normally done manually. With over two million calls logged each year (3.5 minutes per call), using AI to create these summaries enables our employees to simply perform a check and make more time to support our customers. 

During their talk, Rob and Lieke emphasised the role of cyber security and skills to implement such technologies in a responsible way. Cyber criminality is prevalent in society and with the right knowledge we are equipped to manage such risks. In addition, NN works with a "guilds” concept, whereby colleagues who are an expert in their field share their knowledge with others in their field, for example in data and engineering. Because as Rob and Lieke explained, it is not only great technology that creates great results, but great people. 

Read more about customers and distribution. 

Fleur Hudig, head of Corporate Citizenship of NN Group: 'We are committed to being an active asset owner, and working together with other investors will bring engagement efforts with our investee companies to a next level. Joint engagement is a powerful tool that allows us to influence change and encourage companies to improve their environmental, social, and governance (ESG) practices more effectively. As a responsible corporate citizen, we have identified water stewardship and promoting a living wage as two important engagement priorities. By joining these initiatives, we are contributing to long-term value that benefits society at large.’

About Ceres’ Valuing Water Finance Initiative (VWFI)

VWFI is a global investor-led effort to engage companies with a high water footprint to value and act on water as a financial risk and drive the necessary large-scale change to better protect water systems. Launched in August 2022, the initiative has developed a water valuation framework in which it assesses companies’ water impacts and has identified 72 companies to engage with. The initiative was launched with 64 investor signatories and continues to grow.

Water is a vital resource for society at large. Yet, poor water management, intensified by climate change, is contributing to water shortages and water pollution globally. For companies, competition for water, weak regulation, growing demand, aging infrastructure, water scarcity, and water contamination are all sources of financial risk. NN Group will engage with companies with a high water footprint, to adopt and implement a set of clear steps called the Corporate Expectations for Valuing Water.

About Platform Living Wage Financials (PLWF)

PLWF is a collaboration of 20 financial institutions with over EUR 6.9 trillion of assets under management and advice, that encourages and monitors investee companies to enable living wages and incomes for workers in their global supply chains.

The implementation of a living wage helps to raise the standard of living of workers and their families. A living wage enables them to meet their basic needs. Moreover, a living wage can act as a catalyst for improvement in other areas of the labour market. For instance, there is less likelihood of child labour when parents earn enough to support their families.

This year, we organised a number of initiatives of support during Rotterdam Pride. NN commissioned Laxmi Manuela to create a painting that paid tribute to the freedom and emancipation of love. Further, Laxmi shared her coming out story with her friends, family and the public in attendance. ‘It feels great to share my story during Rotterdam Pride 2023 to support others who are questioning their sexuality. Growing up, I did not have a role model so by telling my story I hope to help people who feel they do not have someone to look up to’ the artist said.

We strongly believe that diversity is about including everyone. To mark this sentiment there also was a blank canvas at Rotterdam Pride so that people were able to express themselves by writing a personal story to inspire others and give support to one another.

Not only were colleagues from the Netherlands invited to Rotterdam Pride, the invitation was also extended to international business units. As part of our collective efforts, NN covered all travel expenses for who joined Rotterdam Pride from Belgium, Japan, Spain, Hungary, Poland, the Czech Republic, Greece, Romania, Slovakia and Turkey. As a company, we believe it’s important to celebrate the LGBTQIA+ emancipation, equality and acceptance and all our colleagues should be given this opportunity.

At NN, we believe every colleague, customer and stakeholder brings a set of unique talents and perspectives to the table. We embrace this and cultivate a work environment where everybody feels valued. We include all our colleagues, no matter their background, identity, sexual orientation, religion, ability, and cognitive diversity. Our partnership with Rotterdam Pride is one of the ways in which we reflect our ambitions in this area. Read more about NN's approach to diversity and inclusion here.

Photography by Daniel Verkijk

The policy applies strict criteria aligned with NN’s existing Paris alignment strategy. All new investments in the oil and gas supply chain will be directed to best-in-class companies committed and willing to lower their emissions to net-zero by 2050, aligned with the Paris Agreement 1.5°C pathway. For existing holdings, NN focuses on engaging with investee companies. Engagement offers an opportunity to use NN’s influence as an investor to encourage companies to improve their ESG practices, thereby ensuring sustainable long-term value that also benefits society as whole. 

Jelle van der Giessen, CIO of NN Group: ‘We are committed to advocate and work towards transitioning our investment portfolio to net-zero GHG emissions by 2050, by decarbonising the portfolio and by investing in climate solutions. There must be an urgent and reasonable transition away from fossil fuels to low carbon business activities. We believe that companies active in the sector should take more action to diversify and develop decarbonisation and business strategies. The development of our comprehensive oil and gas policy is an important step, and it stimulates investee companies to transition to a low carbon economy.’

NN’s oil and gas policy makes a distinction between corporate and infrastructure investments, this includes companies and projects in the entire oil and gas supply chain. The total size of NN’s oil and gas related investments is less than 2% of its proprietary assets.

For further detail, please refer to the Oil and Gas policy for Proprietary Assets on our website.

Now that more data about the pandemic are becoming available, we can get a clearer picture of who has been most affected by the virus in recent years. A better understanding of the drivers can help prevent or reduce excess mortality during a next pandemic. The RCLR will use datasets from Statistics Netherlands (CBS), the Dutch national office for statistics. The research results will be made publicly available.

To conduct the research, the RCLR has been awarded a grant by ZonMw, the Netherlands organisation for health research and development. It is part of wider research commissioned by ZonMw to study the impact of the pandemic. A list of all awarded grants can be viewed on the ZonMw website (in Dutch).

About the Research Centre for Longevity Risk

The Research Centre for Longevity Risk is an independent scientific research centre with its researchers determining the centre’s research agenda. All research results will be made public. A Governing Board is established to safeguard the social relevance of the research. In addition to members from the UvA and NN Group, the Governing Board includes representatives from other universities and other financial organisations.

By operating as a true venturing organisation, NN can scale its services further and move ahead in securing its future position in insurance, banking and beyond. At the same time, NN will be able to provide the governance structure and entrepreneurial mindset necessary to launch new products and services into the market, both for NN and other potential customers. 

Jeroen Meijers, Head of NN Ventures, says: ‘Our ambition is to be an industry leader, known for our customer engagement, talented people and contribution to society. As customer needs evolve, we aim to stay relevant through our innovative and complementary and or new products and services. By leveraging assets like our customer base, distribution and underwriting capabilities, we can ensure our ventures are strategically relevant for NN as well as driving significant impact as a standalone proposition.’ 

In 2023, NN Ventures will focus on developing products for the pension market (under the theme Care-free Retirement) and in embedded insurance, which enables customers to purchase insurance products via a third-party platform. 

NN Group’s (NN) legal predecessors were founded in 1845. Earlier research has not tied NN’s legal predecessors to any slave-related activities. Yet, NN has grown and evolved with time, acquiring several companies including Delta Lloyd in 2017.

In 2021, NN commissioned the International Institute of Social History (IISH) to conduct preliminary research to investigate if any acquired companies had been involved in slave-related activities. This preliminary research focused on all legal predecessors, including cooperating insurance offices, authorised agents and insurance brokers from before 1880.

Slave-related activities identified at two legal predecessors

The outcome of the preliminary research indicated that two of Delta Lloyd’s legal predecessors – de Assurantie Compagnie of 1771 and de Hollandsche Societeit van Levensverzekeringen – have been involved with activities such as insuring slave ships and/or plantations, insurance solutions of the production of goods, and investing in plantations and/or slave ships.

Based on these findings, NN is commissioning further independent research to investigate the scope of these activities. We believe it is important to understand the history of all our legal predecessors and share the findings. This will enable us to contribute to the current public debate about the history of slavery in the Netherlands and enhance our understanding of the role insurers played in the 18^th and 19^th century. Moreover, the findings of this research will enable us to share a more inclusive story of NN’s history and communicate transparently about it with stakeholders.

Independent scientific research by the International Institute of Social History

After engaging with the IISH, NN has requested an additional scientific study into de Assurantie Compagnie of 1771. The former insurer has a complete, historical archive which will enable a thorough analysis of de Assurantie of Compagnie 1771 and its partners, to what extent they were involved in slave-related activities and the impact of these activities.

This research will be conducted with the utmost respect and thoroughness. This study will be carried out by a PhD candidate in collaboration with IISH. On 3 April 2023, the PhD candidate will start with the research that will last for four years. In 2027, all findings will be made publicly available.

NN has been present in Turkey since 2009 and has more than 190 employees in the country. Our NN operations in Turkey are located in Istanbul, where no direct damage has been reported.  

We are supporting people in Turkey and Syria that have been affected by the earthquake through direct donations to international organisations and fundraising by NN colleagues.  

Our thoughts are with everyone, directly and indirectly, affected by this natural disaster. 

As part of the award, Meher will receive EUR 10,000 to invest in the production of new work. Further, NN Group will purchase an art piece from nominees Salim Bayri, Kévin Bray or Laura Jatkowski for its own art collection.

Monali Meher together with Fleur Hudig during Art Rotterdam

Monali Meher: ‘It’s a very special moment for me, I will cherish it and am deeply honoured to have been awarded the NN Art Award 2023. The prize opens new doors for me and I can continue to invest in my work to create art that raises awareness about the world and comment on its wonders and disasters.’

For Meher, time is the main subject, medium and purpose of her artistic practice. From continuity, repetition and temporality to volatility and immortality, it constructs and distorts. The jury thought her work is poetic and cyclical. She moves you; in circles of destruction and renewal, in circles of personal and universal, and in circles of vulnerability and strength. She is an expert in using different media to convey her stories. Meher uses the natural qualities of her materials and deforms them to transform the space around them. From glass art to the use of herbs, from photography to performances, she masters it.

Fleur Hudig, Head of Corporate Citizenship at NN Group shares: ‘The NN Art Award provides artistic talent a platform to present their latest works. The story of each artists journey is impressive and inspirational. With our award we hope to encourage artists to further explore their capabilities and create pieces to convey a new point of view. The way Meher used raw materials for her art pieces is thought provoking. It shows how art can contribute to raising awareness about a circular economy, and at the same time it demonstrates how the reuse of materials can create something beautiful while contributing to a more sustainable world.’ 

Jury 2023

This year the jury consisted of: 
Inez de Brauw – visual artist and winner of NN Art Award Public Choice 2022 
Yolande van der Heide – curator at Van Abbemuseum 
Ali Keles - collector and Managing Partner at Lakeside Capital Partners 
Marina de Vries - editor-in-chief of Museum magazine 
Elisah van den Bergh - former curator of the NN Art Collection

Nominees 2023

The four nominees of the NN Art Award 2023 were: 
Salim Bayri – Prospects, Mondriaan Fund 
Kévin Bray – Upstream Gallery 
Laura Jatkowski – Prospects, Mondriaan Fund 
Monali Meher – Lumen Travo Gallery

Partnership NN Group and Art Rotterdam

NN Group has been a partner of Art Rotterdam since 2017 and awards this yearly prize to a contemporary art talent with an authentic visual angle and innovative perspective. As a supporter of talent, NN believes it’s important to give artists the opportunity and a platform to inspire others. NN has a long history of cultural sponsorships in the cities where NN has offices; Rotterdam, The Hague and Arnhem with a focus on visual arts, museums and music. By investing in culture, NN connects with local communities, meets customers, inspires employees and clients whilst encouraging art explorers to widen their horizons.